Hello, I’ll start today with the case of the “Tomb of the Unknown Soldier,” with some observations and a bit of reporting. First of all, let’s clarify that according to my source from the Ministry of Defense, Dendias was aware of Mitsotakis’ decision—to assign the guarding of the Tomb of the Unknown Soldier to the Ministry of Defense—since last Thursday, when the Prime Minister himself called him. Mitsotakis’ post, I remind you, came three days later, on Sunday morning, on his Facebook page. I asked insistently whether Dendias expressed any objections to this, and my source answered negatively—and, frankly, no one would expect Dendias, with his profile as a serious and reasonable right-wing politician, to react otherwise.

Mitsotakis in Parliament

I’m told that the amendment stipulating that anyone desecrating the Tomb of the Unknown Soldier will face arrest and up to two years in prison will most likely be submitted on Monday by Mitsotakis himself, who will also elaborate on the issue. Spokesman Marinakis clarified yesterday that they’re not going to erase the names of the dead from the monument, but that “the tent is over.” And I think that’s the right handling—to avoid giving the usual suspects an excuse to stir up tension.

PASOK

Now let’s turn to PASOK’s reaction yesterday. I systematically avoid commenting on Ms. Karystianou for obvious reasons. But PASOK’s announcement highlighted the party’s major identity crisis. In simple terms, leader Nikos has lost his bearings—even on an issue as relatively straightforward as this one for a rational, centrist party like PASOK has been since 1985. You can’t be both for the policeman and against him, as the old saying goes, because in the end you look ridiculous. And of course, no centrist voter is “for the tent.”

The Tsipras–Nikos situation

With all this going on, PASOK is heading for third place. As we wrote recently, Tsipras’ people claim that polls show them trending toward second place, ahead of PASOK. A reliable source of mine confirmed that Tsipras is now polling at a solid 8% (“yes, I’ll vote for him”), with another 4–5% in focus groups saying they’re “very close to voting for him.” So, he’s taking about two-thirds of SYRIZA, all of New Left, and nibbling votes across the left spectrum—plus about one point from Nikos. That adds up to around 12.5% for Tσίπρας, while PASOK sits at 12% in the same survey. We’ll see in the coming months whether this holds up—but if PASOK keeps “pretending to be Zoi (Konstantopoulou), just more polished,” as some say, they’re definitely heading for bronze.

A heated debate ahead

Today’s parliamentary session will focus heavily on national issues, as part of the pre-agenda debate. I understand that Mitsotakis, who’s generally irritated by the domestic criticism his government faces and by the breakdown of institutional unity, has decided to strike a sharp tone in both his speech and his closing remarks.

MPs venting frustration

Yesterday’s meeting between Minister Tsiaras and ND MPs at party headquarters was a known “minefield,” and the discussion was far from easy. Still, it could have been worse if not for two small pressure-release valves: first, payments that went through yesterday along with some relief measures for affected producers; second, Tsiaras’ honesty—he described the tough situation and read letters the ministry received from the European Commission.

MPs’ frustration

Despite good intentions, ND MPs are furious—both over the handling of the livestock epidemic and the mess with farm subsidies. Some doubt whether OPEKEPE should move under the tax authority (AADE), arguing that the agency also certifies, not just pays out funds. Others say precious time was lost and the issue underestimated, though they’ve now been promised that advance payments for the basic subsidy will be completed by the end of November. Everyone, however, recognizes that in a social group that once gave ND nearly 50%, the mood has turned sour. Of course, they all knew what was going on—but now that things have tightened, they’re speaking up, worried about reelection.

Mitsotakis in Peristeri

On Friday, Mitsotakis plans a visit to Peristeri. He’s expected to inaugurate the city’s new courthouse with ministers Floridis and Bougas, alongside a blessing ceremony by local Bishop Grigorios. The area is his old constituency, so it’s familiar territory. In general, he’ll be resuming his public rounds.

Mitsotakis at Onassis Hospital

And while we’re on the Prime Minister’s schedule: the Onassis Foundation has completed the new National Transplant Center and the renovation of the Onassis Cardiac Surgery Center. On Tuesday, October 21, Mitsotakis will inaugurate this major donation. The new National Transplant Center is state-of-the-art—built at a cost of €100 million, with cutting-edge medical technology worth over €30 million. The 7,000-sq-meter, four-story facility has 47 new beds (33 for children) and 12 pediatric ICU beds (5 for infants).

The return of Samaras

Samaras made his first public appearance in a while yesterday, at Karamanlis’ speech in the Old Parliament building. A week earlier, he’d avoided a face-to-face meeting with Mitsotakis—who, though invited, carefully stayed away. Instead, Hatzidakis had to drink the “bitter cup,” finding himself suddenly seated next to Samaras (though that chair had been empty at first). I’m told Samaras now plans to appear regularly at public events—from now on, expect to see more of him, with all that implies.

A gathering of business leaders for Panos Germanos and Sadek Wahba

Yesterday at the Hotel Grande Bretagne took place the second Olympia Dialogues event. After banker Josef Ackermann headlined the first one, this time Panos Germanos and Andreas Athanasopoulos hosted Dr. Sadek Wahba, founder of the private equity firm I Squared Capital. Based in Miami, with about $60 billion under management, I Squared Capital invests broadly in infrastructure — from water, ports, and logistics to data centers, batteries, and transport. Wahba, who already has connections in Greece and sees the country as a major investment opportunity, even owns companies operating London’s red double-decker buses. Among the high-profile Greek business figures attending were D. Papalexopoulos, Eutychis Vassilakis, Nikos Karamouzis, G. Linatsas (AXIA), Stelios Frangos (Hellenic Republic Asset Development Fund investment fund), Aris Karytinos (Prodea), K. Kazas (Grant Thornton), Rania Aikaterinari (SEV), Giannis Emiris (Alpha Bank), H. Lampropoulos (Hellenic Development Bank of Investments), N. Vettas (IOBE), G. Michos, and others.

Insurance companies on edge

There is deep concern in the insurance sector about the future and the impending transformations in the market. The aggressive entry of banks into the insurance business has alarmed insurers who are being left out, fearing that this will exert heavy pressure on the industry, create new, unpredictable dynamics, and limit access to premium-generation “channels.” Their worries are far from unfounded.

IMF: Greek meetings at Joe’s Steakhouse

The famous Joe’s Seafood, Prime Steak & Stone Crab—at 750 15th Street NW in Washington, D.C., right across from the White House—is one of America’s best-known restaurants. With several private rooms, it’s a discreet meeting spot for politicians, business leaders, and analysts. During the IMF and World Bank Annual Meetings, Joe’s Steakhouse becomes the traditional meeting place for the Greek delegation, where it holds key talks away from prying eyes. Michalis Masourakis has already handled the necessary reservations, and Greece is, in fact, a popular discussion topic this year. Between plates of Florida stone crab claws, prime steaks, and the famous lemon pie, major deals are often sealed. Just days ago, Argentine President Javier Milei celebrated there after securing a $20 billion aid deal for Argentina, even inviting the Chinese to buy soy from Argentina instead of the U.S. The Greek team arrived Tuesday afternoon and began meetings all day Wednesday, starting with JP Morgan and Oliver Wyman.

Grimaldi’s plans for Syvota and Plataria

Guido Emanuele Grimaldi, chairman of the Igoumenitsa Port Authority, appears to have big plans for the wider region, aiming to attract more Italian tourists to Greece. Speaking informally during the Shortsea Shipping Owners Association Conference in Athens (“Walking into a New Era”), he revealed that he’s focusing especially on Syvota and Plataria, areas in a strategic location—close to Paxos and just 48 miles from Italy. “Syvota is a beautiful area, but not well-known in Italy,” he admitted. “Only the region of Apulia really knows it—elsewhere, Italians discover it mainly through sailing.” Since the area is just a few hours away by sea, Grimaldi believes Western Greece is highly appealing for Italian travelers. This initiative is part of a broader tourism development plan to boost visitor numbers and strengthen the local economy of Igoumenitsa.

U.S.–Russia alliance against the IMO

The long-anticipated discussion at the 2nd Extraordinary Session of the Marine Environment Protection Committee began on Tuesday in London, focusing on the International Maritime Organization’s (IMO) proposed Net-Zero Framework (NZF), which aims to establish new decarbonization measures for global shipping. The framework is expected to be put to a vote today, Thursday, October 16, 2025 — unless postponed to tomorrow. This is perhaps the only instance where the United States and Russia stand publicly side by side, joined by Saudi Arabia, all strongly opposing the adoption of these new environmental rules. Many countries initially kept their positions secret, while Saudi Arabia, on the very first day, even requested that the working group not begin — a request that was denied. Participants have been redrafting several parts of the text, which, according to one source “present on the ground,” were almost nonsensical in their original form. The lobbying has been intense: one country’s delegate initially announced they would support the measures, only to reverse course a few hours later after strong backlash from domestic shipowners.

A new era for Cypriot shipping under Poly

The electoral General Assembly of the Cyprus Union of Shipowners (CUS) took place on Monday, October 6, 2025, marking a new chapter for Cypriot shipping. Polys V. HadjiIoannou was elected as president, and the new board includes several prominent Greek shipowners: Thanasis Martinos, Ioannis Coustas, Haris Vafias, Ioanna Procopiou, and George Tsavliris.

OPAP: Merger prospects stabilize the stock

The OPAP stock showed a stabilizing trend in yesterday’s trading session. It remained mostly positive throughout the day, dipping slightly during the auctions to close at €18.60. The stock has now entered a new phase, characterized by high trading volumes — €26.8 million on Monday, €77 million on Tuesday, and €22.6 million yesterday — on par with the activity seen in the major banks. Brokers noted that OPAP will attract portfolios seeking both growth and dividend yield, as management has pledged a minimum payout of €1 per share. The possibility of future acquisitions remains on the table, as emphasized during the company’s analyst call. In the coming months, OPAP and its parent company Allwyn will be in the spotlight as analysts and institutional investors are briefed on the ambitious merger that aims to create a €16 billion integrated gaming and lottery giant, headquartered in Athens, with a strong presence in both Europe and the U.S.. Such scale, especially for a company based in Greece, is truly unprecedented.

The Athens Stock Exchange looks West for help — and finds none

Greek retail investors continue to pour about €100 million weekly into mutual funds, which now total €28.3 billion in assets. Company earnings have been solid but unspectacular, while a wave of major deals shows that listed firms are preparing for the next era of capital markets. The U.S. Federal Reserve, meeting on October 27–28, is expected to cut interest rates by another 0.25%, citing weak labor market data rather than inflation. Meanwhile, Christine Lagarde, mindful of Paris and Berlin, is also hinting at a possible Eurozone rate cut. In this mixed environment — neither bearish nor euphoric — the Athens Stock Exchange (ASE) followed its recent pattern: starting strong in the morning, then losing momentum around midday when U.S. funds usually enter the market, only to rely on domestic support later. Yesterday, minor boosts came from Coca-Cola HBC (+1.13% at €39.22) and Eurobank (+0.39% at €3.63), but the market eventually slipped, closing at 2,045.81 points, down 0.54%, near the day’s low. Total trading value reached €252.83 million, including €14.48 million in 19 block trades. Aegean Airlines, with €2 million in turnover, gained 3.01%, closing at €13.70. Tomorrow night, Standard & Poor’s will release its new rating for Greece’s sovereign credit. In smaller-cap stocks, trading remains highly speculative, often moving on just a few tens of thousands of euros — making any trend fragile and easily reversible.

Upheavals (with rent increases) in the car leasing market

At the end of 2020, a startup was founded in Greece with the goal of changing the way people lease cars — offering flexibility, good prices, and “complete services.” FlexCar, founded by Konstantinos Davaris and Giorgos Desyllas (co-founders and CEO–CFO respectively), has shown impressive growth in recent years. However, in recent days, FlexCar customers have been receiving messages and letters announcing dramatic rent increases of up to +30%. “For us, it’s not just the vehicle,” the letter reads. “It’s everything that comes with it: full maintenance, technical inspection, 24/7 roadside assistance, full insurance coverage, a replacement vehicle, and the option to change or buy out the car.” “The increases in maintenance costs, spare parts, and insurance have significantly affected the car market.” As a result, FlexCar announces that: “…from your upcoming lease period, the new monthly rent for your vehicle” will increase by +30%. For example, a Toyota Yaris goes from €366.81 to €460, and a VW Polo from €271.40 to €320. For now, there’s no information on whether other companies will follow suit.

BlackRock believes everything will become tokens

Larry Fink, CEO of BlackRock, gave an interview to CNBC yesterday, revealing the next big bet of the world’s largest asset manager — which oversees $10 trillion in portfolios: “Forget paper — everything will become tokens.” According to Fink, every asset — real estate, stocks, bonds, even works of art — will be turned into digital tokens operating on a blockchain. “We are only at the beginning of the tokenization of all assets, from real estate to stocks and bonds. There are $4.1 trillion globally in digital wallets. If we could tokenize an ETF, we could bring crypto investors into long-term retirement products. This is the next wave of opportunity for BlackRock.” Instead of holding a piece of paper proving stock ownership, an investor will hold a token. Instead of buying an entire apartment, they’ll buy 0.5% of a property as a token. The $4.1 trillion in digital wallets globally represents funds invested in Bitcoin, Ethereum, and other cryptocurrencies — mostly speculative, not long-term investments like pension funds or ETFs. BlackRock aims to bridge that gap. If an ETF (Exchange-Traded Fund) were tokenized, crypto investors could buy it directly from their digital wallets — no banks, intermediaries, or traditional accounts required. BlackRock has already secured approval for a Bitcoin ETF in 2024, attracting billions in just a few months. Tokenizing financial markets promises 24/7 trading, unlike traditional exchanges that close overnight. It also offers instant settlement (instead of 2–3 days) and greater accessibility (you can invest with just €10). Of course, uncertainties and big questions remain: Who regulates these tokens? How is transaction reliability ensured? What happens if you lose your wallet password? Fink said we’re at the beginning of this revolution. If he’s right, the financial system in 10 years will be unrecognizable. If not, it’ll be just another trend that flared up and burned out.

War for the data centers

The Financial Times revealed yesterday that four tech giants — BlackRock, Nvidia, Microsoft, and Elon Musk’s xAI — have formed a consortium to acquire one of the world’s largest data center operators for $40 billion. Nvidia controls 90% of the AI chip market and wants to ensure its clients have access to infrastructure. Microsoft is investing billions in AI but depends on third parties for servers. Musk needs data centers to expand Grok without relying on competitors. Data centers — the “brains” of artificial intelligence — are now considered the most valuable real estate in technology. The four companies would control the chain from the chip (Nvidia), to the cloud (Microsoft), to the AI model (xAI), and the software itself. For now, the war for dominance in AI is being fought with steel, concrete, and massive amounts of energy.